Planning your estate is not just about delegating everything. It’s also about changing the titles and signing the ownership deeds. Though you can make any changes anytime you feel like you need to, it’s important to be sure in case something happens and you can’t make further changes.
Here are some reminders for you:
Discuss Everything with Your Lawyer
Your Denver real estate lawyer is there for a reason. They know the technicalities that go with a change of ownership, and if you want to split the real estate into several people, your lawyer can also help you figure out how to do it legally. Your lawyer’s help is especially important when you’re working on your last will and testament.
Consider the Profit of Each Property
When you’re considering buying or selling real estate, you’ll want to consider the pros and cons of the deed. The property may generate more income if you keep it and offer it for rent instead of selling it and getting a one-time payment. You’ll also want to consider the mortgage, which you may not be done paying just yet. Refinancing may be a good idea in some cases, but only do it if you’re sure that it will be favorable for your finances.
Update Your Portfolio
Important life changes warrant a revisit of your portfolio. For instance, if one property has been sold, or, sadly, one of them has been destroyed by a fire, you need to update your real estate assets. The loss or addition of a new property will affect the entire portfolio, especially your will and what each member of the family will receive. The same is also true if you’ve acquired a new property or have already gone ahead with a title change for one.
Your decisions regarding real estate may change from time to time. Update your lawyer and your will to reflect your wishes.